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Preparing for a School Finance Referendum: Strategies and Insights

This presentation by the IASBO Principles of School Finance Committee outlines essential strategies for preparing for a school finance referendum. Key strategies include assessing budget reductions, exploring alternative revenue options, and understanding the community's needs. Recommendations involve reviewing district goals, maximizing state and federal aid, considering outsourcing, and adjusting employee contributions. Furthermore, it emphasizes the importance of financial forecasting and communicating effectively with taxpayers to ensure long-term fiscal health. The workshop seeks to equip school districts with necessary tools for successful referendums.

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Preparing for a School Finance Referendum: Strategies and Insights

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Presentation Transcript

  1. Getting Numbers Ready for a Referendum Presented by the IASBO Principles of School Finance Committee March 1, 2007

  2. How to Determine Budget Reductions • Meet with Administrative Team • Review District’s goals • Consider outsourcing: • Custodial/maintenance • Security • Transportation • Consider postponing non-critical capital projects • Do not fill staff positions left vacant from retirements & resignations

  3. Other Revenue Options • General state aid – review district’s processes to insure maximum amount is being received • Review all state & federal grant options • www.isbe.net - FY 08 ISBE budget for description of available grants • Developer fees • If self-funded, increase employee contributions to health care (e.g., deductions & co-pays). • Increase student fees • Most taxpayers don’t have children in your schools & may prefer having parents pay more of the costs first. • Participation fees (e.g., athletics), AP exams, parking

  4. How Much of a Tax Increase is Needed? • Taxpayers want to be assured that the district has cut as much as possible without hurting programs and have maximized their revenue. • What are the district’s goals? • Politics are involved • What do you want to communicate to your community? • Will successful referendum sustain the district through 5 or 10 years of fiscal solvency?

  5. Tax Increase (cont.) • Prepare financial forecasts for at least 5 years • Consider: • Enrollment • EAV growth • Tax increment financing (TIF) being added back to the tax rolls as new property • Employee retirements may slow down salary increases as they’re replaced with less expensive staff.

  6. County Agency Tax Rate Reports • Meet with your county extension office to understand: • Financial impact your referendum will have on your district • Rate increase factor • Phase-in effects of referendum • There are still going to be unknowns in projecting property tax revenue • EAV • New property growth

  7. Cook Co. Agency Tax Rate Schedule Prepared by Dist. 219

  8. Dist. 219 Schedule (cont.)

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